Bitcoin fell below $70,261 on June 2 as spot ETF outflows accelerated and technical damage mounted, putting the February 2026 lows back in play. Spot Bitcoin ETFs bled $483.76 million on June 1, with BlackRock’s IBIT alone accounting for $440.29 million in a single day — the largest daily exit in months.
The price broke below the lower trendline of an ascending channel that had carried BTC from the February lows near $60,000 to the May high around $83,000. All four exponential moving averages and the parabolic SAR are now overhead, reinforcing a bearish short‑term structure. Analyst Benjamin Cowen sees a likely tag of $70,000 followed by a bounce and then a revisit of the February 2026 lows.
Veteran trader DonAlt — famous for calling XRP’s 700% rally — warned that Bitcoin remains locked in a prolonged sideways range with strong resistance at $82,300 and a solid support block at $60,000. He described the current state as “not bad, but not great” and cautioned that any drop toward $60,000 would likely be driven by reverse FOMO rather than a fundamental breakdown. DonAlt emphasized that a clean breakdown below that support would be a major surprise, urging patience over emotional decisions.
